The Jamaican government has plans to launch a mobile payments
service to promote financial inclusion among the under-banked
population of the country, local media reports.
The Minister of Industry, Investment and Commerce, Anthony
Hylton said that the government is working in co-operation with the
Development Bank of Jamaica to build a service called Mobile
Money.
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The government intends to launch a trial period and test the
system which is also being assessed by the Bank of Jamaica.
Mobile Money will enable P2P transfers, bank account balance
checks and mobile payments at the point of sale.
The minister of industry, investment and commerce, Anthony
Hylton, said:
“Mobile money is beneficial to the unbanked and under-banked
segments of the population. Access to savings accounts, insurance
and other financial services improves the quality of life of the
poor.”
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By GlobalDataHe added:
“This has the potential to reduce transaction costs for
micro-finance institutions, which will lead to a reduction in
interest rates to micro-borrowers, and greater stimulation of
economic activities.”
